First Bancorp Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 29, 2018 at 12:00 pm
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First Bancorp reported consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported interest income of $147,826,000 against $143,954,000 a year ago. Net interest income was $122,266,000 against $121,064,000 a year ago. Net interest income after provision for loan and lease losses was $96,563,000 against $97,873,000 a year ago. Income before income taxes was $26,377,000 against $37,198,000 a year ago. Net income attributable to common stockholders was $23,500,000 against $23,635,000 a year ago. Earnings per basic and diluted common share was $0.11 against $0.11 a year ago. Return on average assets was 0.79% against 0.80% a year ago. Return on average total equity was 5.16% against 5.29% a year ago. Return on average common equity was 5.27% against 5.40% a year ago. Adjusted net income (non-GAAP) was $28,135,000 against $21,609,000 a year ago.
For the year, the company reported interest income of $588,423,000 against $585,292,000 a year ago. Net interest income was $491,551,000 against $484,118,000 a year ago. Net interest income after provision for loan and lease losses was $347,297,000 against $397,385,000 a year ago. Income before income taxes was $61,983,000 against $130,259,000 a year ago. Net income attributable to common stockholders was $64,280,000 against $93,006,000 a year ago. Earnings per diluted common share was $0.30 against $0.43 a year ago. Book value per common share as at December 31, 2017 was $8.48 against $8.05 as at December 31, 2016. Tangible book value per common share as at December 31, 2017 was $8.28 against $7.83 as at December 31, 2016. Return on average assets was 0.56% against 0.75% a year ago. Return on average total equity was 3.63% against 5.28% a year ago. Return on average common equity was 3.71% against 5.39% a year ago.
For the quarter, the company reported net charge-offs of $24,730,000 against $31,658,000 a year ago.
First BanCorp. is a financial holding company. As of December 31, 2016, the Company controlled two subsidiaries: FirstBank Puerto Rico (the Bank or FirstBank) and FirstBank Insurance Agency, Inc. (FirstBank Insurance Agency). It operates in six segments: Commercial and Corporate Banking, which consists of lending and other services; Consumer (Retail) Banking, which consists of consumer lending and deposit-taking activities; Mortgage Banking, which consists of the origination, sale, and servicing of a range of residential mortgage loan products and related hedging activities; Treasury and Investments, which consists of treasury and investment management functions; United States Operations, which consists of all banking activities conducted by FirstBank on the United States mainland, and Virgin Islands Operations, which consists of banking activities conducted by FirstBank in the United States Virgin Islands and British Virgin Islands, including retail and commercial banking services.
First Bancorp Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017